Pick n Pay Group of Companies financial statements
notes to the group financial statements
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Pick n Pay Stores Group |
Pick n Pay Holdings Group |
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52 weeks 1 March 2015 Rm |
52 weeks 2 March 2014 Rm |
52 weeks 1 March 2015 Rm |
52 weeks 2 March 2014 Rm |
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6. |
TAX |
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6.1 |
Tax recognised in profit or loss |
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Normal tax |
343.1 |
309.3 |
343.1 |
309.3 |
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– current period |
342.6 |
306.7 |
342.6 |
306.7 |
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– prior period under provision |
0.5 |
2.6 |
0.5 |
2.6 |
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Deferred tax (note 13) |
0.4 |
(59.9) |
0.4 |
(59.9) |
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343.5 |
249.4 |
343.5 |
249.4 |
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Tax recognised in other comprehensive income |
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Tax effect of remeasurement of retirement scheme asset (note 13) |
(12.9) |
(22.2) |
(12.9) |
(22.2) |
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6.2 |
Tax recognised directly in statement of changes in equity |
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Tax effect of share incentive transactions recorded directly in equity |
(43.0) |
(10.7) |
(43.0) |
(10.7) |
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6.3 |
Tax paid |
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Owing – beginning of period |
111.2 |
82.8 |
111.2 |
82.8 |
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Recognised in profit or loss |
343.1 |
309.3 |
343.1 |
309.3 |
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Recognised in statement of changes in equity |
(43.0) |
(10.7) |
(43.0) |
(10.7) |
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Owing – end of period |
(126.8) |
(111.2) |
(126.8) |
(111.2) |
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Total tax paid |
284.5 |
270.2 |
284.5 |
270.2 |
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% |
% |
% |
% |
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6.4 |
Reconciliation of effective tax rate |
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South African statutory tax rate |
28.0 |
28.0 |
28.0 |
28.0 |
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Exempt income |
(1.0) |
(5.2) |
(1.0) |
(5.2) |
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Non-deductible share options expense |
1.8 |
2.4 |
1.8 |
2.4 |
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Other non-deductible expenditure |
0.3 |
5.6 |
0.3 |
5.6 |
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Net prior year over-provisions |
(0.6) |
(0.9) |
(0.6) |
(0.9) |
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Effective tax rate |
28.5 |
29.9 |
28.5 |
29.9 |
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